I came across this article confirming the US Federal Reserve is looking at making the Dollar Digital, To me, it is mostly semantics at this point. Personally, I rarely use paper money and coins are more of a nuisance than useful. For years I have said we need to retire the penny as it cost more to mint than it is worth, not to mention the cost of transporting them to stores for making change, rounding up or down to the nearest nickel makes more sense, But would a Digital Dollar under the control of the Fed be to much power for a semi-government agency that claims to be exempt from any congressional oversight
A bit of a random question but as someone who doesnt carry cash, I’m usually of no use to homeless people or panhandlers. I wonder how they’ll adapt should this change take place? Will we see them hanging about entrances of coffee shops with a card reader?
The underground cash economy is huge in the US , then there is the drug and sex trade that is always cash at point of sell. Instead of card readers, more likely phone apps like Apple Pay and of course Bitcoin will explode in use under a no paper money world
My fear is the government can just turn off our digital bank accounts just as they did to the truckers in Canada
Yes, that is correct, in the wet markets no body uses cash anymore, it is scary that we are following China’s lead, this will not end well and brings us closer to what Aldous Huxley wrote about in Brave New World
What’s shocking to me is how widely used Apple Pay is. I thought people used Venmo or Cash app more but I’m seeing Apple Pay used a lot now by friends and relatives who aren’t as “techie” and wouldn’t want to download yet another app. Long Apple… when it hits $150 again. Lol.
